Wednesday, June 15, 2016

PNG's Kutubu and Moran fields top oit output

 OIL Search says its Kutubu and Moran fields in Southern Highlands remain the key produces of oil accounting for 95 percent of total production last year.
Managing director Peter Botten said in the Oil Search June update that 2015 netted an operation production of 7 million barrels of oil equivalent (mmboe), an outcome he attributed to the maturity of the fields.
He said 2016 began strongly with the first quarter production of 1.8 mmboe.
He said major cost reduction programmes for last year and this year targeted more than 20 per cent reduction in operating cost, third party service and capital allocation prioritisation.
He said Oil Search was leading the associated gas utilisation study supported by ExxonMobil.
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